Zuga Matt, the Chief Financial Officer and Chief Business Officer of Acumen Pharmaceuticals , Inc. (NASDAQ:ABOS), reported selling shares worth a total of $56,619, according to a recent SEC filing. The transactions, executed under a pre-arranged trading plan, involved two sales of common stock. According to InvestingPro analysis, ABOS currently appears undervalued, with the stock trading at $1.73, down 46% over the past six months.
On January 21, 2025, Matt sold 4,364 shares at a weighted average price of approximately $1.6009 per share. This sale was part of an automatic "sell to cover" transaction to meet tax obligations related to the vesting of restricted stock units (RSUs).
Subsequently, on January 23, 2025, he sold an additional 28,902 shares at a weighted average price of about $1.7173 per share. Both transactions were conducted as part of a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for selling company stock to avoid potential accusations of insider trading.
Following these transactions, Matt holds 231,744 shares of Acumen Pharmaceuticals. Get deeper insights into ABOS's financial health, valuation metrics, and 8 additional key ProTips with an InvestingPro subscription.
In other recent news, Acumen Pharmaceuticals has reported significant advancements in its Q3 2024. The company has made remarkable progress in the Phase II ALTITUDE-AD study of its lead drug candidate, sabirnetug, targeted at early Alzheimer's disease. The trial is progressing faster than anticipated, with over 75 active sites and rapid patient enrollment. Furthermore, Acumen is in a strong financial position with a cash reserve of $259 million.
The company also reported research and development expenses of $27.2 million and a net loss of $29.8 million for the quarter. Looking forward, the results of the Phase I study for a subcutaneous formulation of sabirnetug are expected in Q1 2025. Acumen is strategically focusing on the development of sabirnetug, with the Phase II trial expected to wrap up in the first half of 2025. These are some of the recent developments in Acumen Pharmaceuticals.
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